Alchemia pleased with cash position, Bionomics revenues up

Brisbane biopharma Alchemia's (ASX:ACL) financial results for the year ending June 30 reveal that the firm has $15.9 million in the bank to support the development program of its lead anti-cancer drug candidate ACL 16907.

"It is a nice situation to be in, given it hasn't been a positive market for the biotech sector in recent months," said CEO Tracie Ramsdale.

The company reported a net loss of AUD$8.8 million, up from $6.5 million last year, due to an increased level of expenditure on the pilot scale manufacture of its synthetic heparin product and development of its drug discovery program.

"The ability to manufacture on a commercial scale will be a major milestone for the company and reduces the risk to bringing the product to market -- we are 95 per cent of the way there," Ramsdale said. "We are very pleased we are on track for the market launch of our first product, due in 2008 and the development of our anti-cancer drug is progressing well."

With strong cash reserves Alchemia also plans to continue to advance its antibiotic and eye disease drug programs.

Bionomics revenue up

Meanwhile, South Australian biotech Bionomics (ASX:BNO) has reported total revenues of AUD$3.173 million for the year ended June 30, up 60 per cent from last year, aided by the commercialisation of its DNA diagnostic for severe myclonic epilepsy of infancy (SMEI) and continued government grant support for its therapeutic development programs.

Bionomics' loss increased 29.6 per cent to $4.632 million and the company had $9.005 million cash in hand at June 2005. The acquisition of drug discovery company Iliad Chemicals has been completed and Bionomics' pipeline in epilepsy and anxiety has been complemented with drug candidates for the treatment of multiple sclerosis and vascular targeting agents for the treatment of solid tumours.